|Iona Env A
||A SHS 0.1P
||EPS - Basic
||Market Cap (m)
|cash rich asset poor: Hi Rhu,
Hope you have shaken the flu at last?!
Not sure about the ISA issue as my provider only deals with UK stocks, however I will be transferring to TDW to allow international stocks.
Excellent news this week for Iona. Share placing completed, debt facility completed and incentives arranged. Casimir also have a new note out with a target of $2.25 - perhaps a bit rich for now but with further acquisitions....
Cash of $120 million & $130 million debt finance allows the company some substantial maneuverability.|
|cash rich asset poor: Hi Piadda,
Its a little bit difficult at the moment as the placing is ongoing, but assuming they raise the maximum $80 million, that will be another 160 million shares to add to the current 140 million shares. So:
300 million shares in issue
$0.50 share price
= $150 million market cap
For that you get:
-$100 million cash
-$130 million debt facility
-22 MMboe 2P reserves, 38 MMboe 3P reserves
-Exit 2012 @ 8,000 boepd
-Self funding for up to 12,000 boepd in 2013, 16,000 boepd in 2014
-Experienced management team (ex-Ithaca)
Issues at the moment (good & bad):
-Orlando well has problems with Blow Out Preventer and may need to be suspended
-Debt finance not fully signed off
-Placing not complete yet
-Well on Tyne due to spud
-Updated CPR due (should be revised up)
-FDP submissions for Staffa (Kells field)
I think a price of $1 by year end is reasonable as is $2 by end of 2013.
So keen on this that even the Mrs has invested with her own money!|
Iona Env A share price data is direct from the London Stock Exchange